JPMorgan Upgrades NICE Systems Ltd (NICE) to Overweight
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JPMorgan analyst Paul Coster upgraded NICE Systems Ltd (NASDAQ: NICE) from Neutral to Overweight with a price target of $260.00 (from $261.00).
The analyst comments "We are upgrading NICE to Overweight on valuation. NICE stock is down about 23% YTD (S&P500 up ~12.5%) trading off with the broader Nasdaq index despite mildly encouraging 1Q results (see note). With NICE currently lacking catalysts, institutional investors have turned their attention to smaller, faster-growing cloud-native near-pears such as FIVN and RNG as they expand into contact center and customer engagement applications. We think this YTD underperformance in NICE shares yields a GARP buying opportunity. No change to estimates and only a modest change of the Price Target to $261 from $260; we look for solid execution to lead to mild upward revisions to estimates and the ongoing pivot to cloud should lead to a positive re-rating as the stock gets more firmly positioned in the cloud software space."
Shares of NICE Systems Ltd closed at $227.99 yesterday.
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